Casualty Termination definition

Casualty Termination as of any date means any Lease that has been terminated prior to its Maturity Date if the related Leased Vehicle has been lost, stolen or damaged beyond economic repair.
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Casualty Termination means a termination of this Lease because of a Substantial Casualty, when and as this Lease expressly allows such a termination.
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Casualty Termination means a termination of this Agreement because of a Substantial Casualty, when and as this Agreement expressly allows such a termination pursuant to Section 13.3.
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Examples of Casualty Termination in a sentence

  • Upon any Casualty Termination, Tenant shall assign and transfer to Landlord all of Tenant’s rights to Property Insurance Proceeds Tenant received, or is entitled to receive, because of the Casualty.

  • If the Casualty is a Substantial Casualty, then Tenant may, by Notice to Landlord given within six (6) months after the Casualty elect a Casualty Termination effective thirty (30) days after such Notice.

  • If, however, pursuant to Law, the Premises cannot be Restored to the same bulk, and for the same use(s), as before the Casualty, then upon any resulting Casualty Termination, Tenant shall be entitled to receive and retain (as a first priority claim to the Property Insurance Proceeds) a portion of the Property Insurance Proceeds equal to the Market Value of the Leasehold Estate.


More Definitions of Casualty Termination

Casualty Termination means a termination of this Lease because of a Substantial Casualty, when and as this Lease expressly allows such a termination. Tenant’s election of a Casualty Termination shall not be effective without Leasehold Mortgagee’s consent.
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Casualty Termination means, with respect to all or any portion of the Leased Premises or all or any part of a Parcel, a termination of this Lease because of a Substantial Casualty, when and as this Lease expressly allows such a termination.
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Casualty Termination means termination pursuant to Section 23.2.
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Casualty Termination. Notice is defined in ___________________________ Section 11.7.
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Related to Casualty Termination

  • Facility Termination Date means the date as of which all of the following shall have occurred: (a) the Aggregate Commitments have terminated, (b) all Obligations have been paid in full (other than contingent indemnification obligations), and (c) all Letters of Credit have terminated or expired (other than Letters of Credit as to which other arrangements with respect thereto satisfactory to the Administrative Agent and the L/C Issuer shall have been made).

  • Potential Termination Event means an event which, but for the lapse of time or the giving of notice or both, would constitute a Termination Event.

  • Casualty shall have the meaning set forth in Section 6.2 hereof.

  • Insurance and Condemnation Event means the receipt by any Credit Party or any of its Subsidiaries of any cash insurance proceeds or condemnation award payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to any of their respective Property.